China’s 2nd largest property developer is in big trouble

The hits keep coming for Evergrande Group, China’s second-largest property developer. The company’s stock price has dropped more than 70 percent in the last year, its bonds are at record lows, it is in deep debt and on Monday, S&P Global Rating cut its credit rating two notches, according to Bloomberg. A day after that, the firm’s stock price sank 13 percent after it announced it would not pay out a special dividend. Evergrande is

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Floor & Decor moving into site of shuttered Target in Commack

Target has a history of taking over abandoned locations left behind by other retailers. This time, however, another chain is moving into the site where a Target once stood. Hard-surface flooring retailer Floor & Decor is opening up its second Long Island location at 4 Henry Street in Commack, Newsday reported. The new location includes a 95,000-square-foot warehouse store and a design center. The store is expected to employ 50 people, both part-time and full-time.

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Columbia Property Trusts reports first net loss of pandemic

For the first time since the onset of the pandemic, Columbia Property Trust reported a net quarterly loss. Revenue for the second quarter was $63.4 million — down 20 percent from a year ago and down 1.5 percent from the first quarter — and the firm lost about $6 million. The real estate investment trust’s normalized funds from operations per share was $0.32, down 20 percent from a year ago, and down 8.6 percent from

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Jersey City to provide up to $10K more rent relief per tenant

More rent relief is on the way for some Jersey City tenants and landlords, but with caveats. The mayor’s office and housing authority will provide up to $10,000 in rental assistance per household to low-income families in small-unit buildings. Qualifying families in owner-occupied buildings with fewer than five apartments will get priority, the mayor’s office announced last week. Participating landlords cannot evict the tenant or raise rent for a minimum of one year after receiving

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Robert Durst “too sick to continue” murder trial, defense claims

Robert Durst’s lead attorney wants the real estate scion’s murder trial to be stopped, claiming he is “too sick to continue.” Dick DeGuerin made another request for a mistrial to Los Angeles County Superior Court Judge Mark Windham on Thursday, according to the Los Angeles Daily News. The trial restarted with opening statements on May 18. Durst is on trial for the 2000 killing of friend Susan Berman at her home in Benedict Canyon. The

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Atlas plans 401-room hotel at 711 Seventh Avenue

Atlas Hospitality is diving into the pool of uncertainty that is New York City’s hotel industry, planning a 401-key establishment in the heart of Midtown. The hospitality firm filed plans with the Department of Buildings for a hotel at 711 Seventh Avenue. The approximately 140,000-square-foot hotel will be 32 stories and 343 feet tall, Crain’s reported. Prolific hotel architect Gene Kaufman is the designer of the building, which has no brand yet. The goal for

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Proptech startup Social Construct shutting down

Proptech startup Social Construct is shutting down operations, The Real Deal has learned. The construction-tech outfit, which aimed to streamline building planning and assembly with software and automation, will officially wind down in the fourth quarter, but the staff’s last day will be Aug. 1. Co-founders Ben Huh and Michael Yarne will stay on through the end of the year “to make sure our customers will be supported,” Huh said, adding that remaining employees were

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AEW purchases boutique Soho office building for $86.2M

AEW Capital Management purchased a half-new, half-renovated boutique office building in Soho for $86.2 million. The Boston-based global real estate investment manager purchased the 98,400 square-foot building at 163 Varick Street, also known as 60 Charlton Street, from APF Properties this month, according to property records. APF had purchased the property in 2017 for about $65 million when it was half its current size. After gutting the former six-story industrial building, it added six floors

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ESRT braces for more pain at Empire State Building

Empire State Realty Trust is bracing for its second largest tenant to exit its most iconic office property. While the real estate investment trust reported a second quarter uptick in leases across its portfolio, CEO Tony Malkin shared the news on Thursday that GBG, which leases 353,000 square feet at the Empire State Building, had just filed Chapter 11 proceedings. But Malkin told analysts at the earnings call that “we’ve been on top of this

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Hudson Yards Vessel closed again after fourth death

UPDATED Thursday July 29, 2021 at 7:22 p.m.: The Vessel is closed again after a 14-year-old boy jumped to his death from the eighth level of the 16-story structure Thursday afternoon, a spokesperson for the New York Police Department said. Witnesses saw the boy jump from the Hudson Yards’ landmark and authorities said his injuries were consistent with a fall. Related Companies, which owns and operates the Vessel, has closed the structure and is conducting

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